Shares of AECI open more than 2 percent lower after the chemicals and explosives manufacturer says it expects full-year earnings to fall by more than 20 percent due to the impact of strikes in the mining and transport sectors.

By 0715 GMT, shares in the company are down 1.64 percent at 76.23 rand, compared with a 0.45 percent drop in the JSE All-Share index . AECI earlier hit a low of 75.16 rand, its lowest level in 11 months.